WASHINGTON, Oct. 9, 2002 -- Nuclear Solutions Inc. announced that is initiating funding of the company's GHR technology, intended for the treatment of water contaminated with radioactive isotopes.
The final arrangements for transferring the funds will be completed within the next 14 days.
"This is just the first step in the execution of our plan to build shareholder value based upon technologies that have commercial potential in the near term. We will make further announcements in the upcoming months as we align ourselves with other technologies and opportunities that also have near term potential," said John Dempsey, President and CEO of Nuclear Solutions, Inc.
"The United States government currently houses over five Billion gallons of radioactively contaminated wastewater and nuclear power plants generate close to 11 Million additional gallons per year. This is a great opportunity for us to introduce a nuclear solution to the industry where one is lacking. Our study of the industry has indicated that there is quite a need for treatment of this contaminated water and we think GHR can do it effectively," he added.
"We consider this a significant milestone since the main goal of management is to build shareholder value through the penetration of viable markets for products and services that we can offer to the nuclear industry," Dempsey concluded.
About the process
Water contaminated with tritium is produced in significant quantities as a by-product of nuclear reactor operations and weapons complex activities. While Tritium has a half-life of only 12.5 years, it poses a significant heath risk since tritiated water is absorbed by plants, animals and humans like ordinary water.
Tritium can also become transformed into other chemicals or proteins needed by the body, as well as integrating itself into DNA. Tritium is also known to affect developing fetuses. Regulations for restricting the concentrations of tritium in drinking water are based primarily on cancer risk to adults.
The GHR process, which is envisioned for rapid processing as well as low energy usage, has the potential to offer a cost-effective solution to industry as well as be profitable to operate.
NSOL plans to capitalize on GHR technology by forming strategic alliances and joint ventures with well-established leaders in the nuclear cleanup industry. Continued revenue streams are expected through operation and licensing of the technology.
Source: Nuclear Solutions, Inc.